<PAGE>
<TABLE>
<S> <C>
Pricing Supplement dated May 14, 1996 Rule 424(b)(3)
(To Prospectus dated March 9, 1994 and File No. 33-52359
Prospectus Supplement dated March 9, 1994)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes - Floating Rate
________________________________________________________________________________
Principal Amount: $100,000,000 Trade Date: May 14, 1996
Issue Price: 100% Original Issue Date: May 20, 1996
Initial Interest Rate: See Additional Net Proceeds to Issuer: $100,000,000
Terms of the Notes
Stated Maturity Date: May 20, 1997 Discount or Commission: 0.0%
________________________________________________________________________________
Calculation Agent: Bankers Trust Company
Interest Calculation:
[x] Regular Floating Rate Note [ ] Floating Rate/Fixed Rate Note
[ ] Inverse Floating Rate Note (Fixed Rate Commencement
(Fixed Interest Rate): Date):
[ ] Other Floating Rate Note (Fixed Interest Rate):
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate
[ ] Eleventh District Cost of Funds Rate [X] Federal Funds Rate
[ ] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: May 20, 1996 Spread (+/-): +0.10%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day Maximum Interest Rate: N/A
Interest Payment Dates: August 20, 1996, Minimum Interest Rate: N/A
November 20, 1996, February 20, 1997 and Index Maturity: N/A
May 20, 1997
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/360 for the period from 5/20/96 to 5/20/97
[ ] Other (see attached) to
Redemption:
[x] The Notes cannot be redeemed prior to the Stated Maturity Date.
[ ] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage: %
Annual Redemption Percentage Reduction: % until Redemption
Percentage is 100% of the Principal Amount.
Repayment:
[x] The Notes cannot be repaid prior to the Stated Maturity Date.
[ ] The Notes can be repaid prior to the Stated Maturity Date at the option
of the holder of the Notes.
Optional Repayment Date(s):
Repayment Price: %
Currency:
Specified Currency: U.S. dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. dollars)
Original Issue Discount: [ ] Yes [x] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [x] Book-entry [ ] Certificated
___________________________
Morgan Stanley & Co. Incorporated ADDITIONAL TERMS OF THE NOTES
</TABLE>
<PAGE>
ADDITIONAL TERMS OF THE NOTES
Interest
The Initial Interest Rate for the Medium-Term Notes offered by
this Pricing Supplement (the Notes ) will be equal to the Federal Funds Rate
on May 17, 1996 plus 0.10%. The Interest Rate with respect to each subsequent
Interest Reset Date will be equal to the Federal Funds Rate on the related
Interest Determination Date plus 0.10%. Notwithstanding anything contained in
the Prospectus Supplement to the contrary, (i) the Interest Rate to be used
for the two Business Days immediately prior to each Interest Payment Date
(including the date of Maturity) will be in the Interest Rate in effect on the
second Business Day preceding such Interest Payment Dates and the date of
Maturity; and (ii) the Interest Determination Date with respect to the Notes
will be the first Business Day preceding each Interest Reset Date.
Plan of Distribution
Under the terms of and subject to the conditions of an agreement
dated December 16, 1993 (the "Agreement") between TMCC and Morgan Stanley &
Co. Incorporated ("Morgan Stanley") and an Appointment Agreement Confirmation
dated May 14, 1996, Morgan Stanley, acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at 100% of their principal
amount. Morgan Stanley may resell the Notes to one or more investors or to one
or more broker-dealers (acting as principal for the purpose of resale) at
varying prices related to prevailing market prices at the time of resale, as
determined by Morgan Stanley, or if so agreed, at a fixed public offering
price. After the initial public offering of the Notes, the public offering
price may be changed.
Under the terms and conditions of the Agreement, Morgan Stanley is
committed to take and pay for all of the Notes offered hereby if any are
taken.
